Disclosing Material Facts
A seller must disclose, in writing, any and all known material facts that affect the value of their property whether the buyer asks or not. Even when a home is sold in "as-is" condition, the seller must still disclose any observable defects as well as any hidden defects.
Selling a property "as-is" means that the seller is not going to fix any of the problems the property may have.
Material facts that may affect the property value include:
The age, condition, or structural components of the property (plumbing, electrical, heating, etc);
Common areas, fences, and driveways;
Easements and encroachments;
Flooding, drainage or soil problems;
Presence of window security bars;
Zoning violations or nonconformity;
Homeowner Association obligations;
Citations against the property or lawsuits affecting the property; and,
Major fire, earthquake, or landslide damage.
It is very important that the seller disclose whether they are aware of the presence of environmental hazards such as asbestos, lead-based paint, mold and more on the property as these may be potentially toxic.
In addition to the above disclosures, a seller must disclose natural hazard designations (whether the property is located in a flood, fire, or earthquake zone).
Further, a seller must also disclose title matters of material fact and common interest subdivision disclosures as consistent with the homeowner associations.
Do you have an issue regarding your property disclosures? If so, please contact Aziz Legal by phone at (408) 203-4627 or email us at email@example.com.
This article is merely informational and is not intended to be used as legal advice. Use of any information from this article is for general information only and does not represent personal legal or tax advice, either express or implied. Readers are encouraged to consult Aziz Legal, or another attorney, for any specific legal matters.